BLUESKY DIGITAL ASSETS CORP. Q2 2022
DIGITAL ASSETS
UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022
(EXPRESSED IN CANADIAN DOLLARS)
(UNAUDITED)
AUGUST 29, 2022
BTCWF | |
www.blueskydigitalassets.com | BTC |
Notice To Reader
The accompanying unaudited condensed consolidated interim financial statements of Bluesky Digital Assets Corp., have been prepared by and are the responsibility of management. The unaudited condensed consolidated interim financial statements have not been reviewed by the Company's auditors.
Bluesky Digital Assets Corp.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
Unaudited
As at | As at | |||
June 30, | December 31, | |||
2022 | 2021 | |||
ASSETS | ||||
Current assets | $ | 578,653 | ||
Cash | $ | 854,233 | ||
Accounts and other receivables (note 4) | 6,590 | 126,913 | ||
Prepaid expenses | 853,364 | 249,884 | ||
Investments (note 10) | 70,681 | 149,834 | ||
Digital currencies (note 6) | 21,197 | 2,407,442 | ||
Total current assets | 1,530,485 | 3,788,306 | ||
Property, plant and equipment (note 7) | 6,750,438 | 4,708,024 | ||
Right of use assets | 189,953 | 223,859 | ||
Total assets | $ | 8,470,876 | $ | 8,720,189 |
LIABILITIES AND SHAREHOLDERS EQUITY | ||||
Current liabilities | $ | 1,534,255 | ||
Accounts payable and accrued liabilities (note 11) | $ | 998,635 | ||
Lease liability (note 9) | 61,979 | 37,071 | ||
Total current liabilities | 1,596,234 | 1,035,706 | ||
Non-current liabilities | 133,610 | |||
Lease liability (note 9) | 189,903 | |||
Warrant liability (note 12) | 615,738 | 2,541,235 | ||
Loans payable (note 13) | 70,000 | 70,000 | ||
Total liabilities | 2,415,582 | 3,836,844 | ||
Shareholders' equity | 22,922,260 | |||
Share capital (note 14) | 20,611,230 | |||
Contributed surplus (note 16) | 5,653,370 | 5,547,826 | ||
Warrants | 3,877,162 | 3,355,097 | ||
Digital currency revaluation reserve | (49,994) | 181,613 | ||
Deficit | (26,347,504) | (24,812,421) | ||
Total shareholders' equity | 6,055,294 | 4,883,345 | ||
Total liabilities and shareholders' equity | $ | 8,470,876 | $ | 8,720,189 |
Description of business (note 1) | ||||
"Frank Kordy", Director | "Ben Gelfand", Director |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements
- 1 -
Bluesky Digital Assets Corp.
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian Dollars)
Unaudited
Three Months | Three Months | Six Months | Six Months | |||||
Ended | Ended | Ended | Ended | |||||
June 30, | June 30, | June 30, | June 30, | |||||
2022 | 2021 | 2022 | 2021 | |||||
Revenue | $ | 500,685 | $ | 1,081,268 | ||||
Digital currency mined (note 6) | $ | 851,813 | $ | 1,562,125 | ||||
Cost of revenue | (928,898) | (1,327,721) | ||||||
Site operating costs | (186,685) | (360,588) | ||||||
Depreciation | (466,560) | (397,247) | (1,082,815) | (516,017) | ||||
Gross profit (loss) | (894,773) | 267,881 | (1,329,268) | 685,520 | ||||
Operating expenses | 909,291 | 1,274,559 | ||||||
General and administration | 442,644 | 862,349 | ||||||
Loss (gain) on sale of digital currencies (note 6) | 412,783 | (84,111) | 437,868 | (117,066) | ||||
Share-based payments (notes 14 and 16) | - | 2,549,659 | 337,189 | 4,258,659 | ||||
Total operating expenses | 1,322,074 | 2,908,192 | 2,049,616 | 5,003,942 | ||||
Loss before other items | (2,216,847) | (2,640,311) | (3,378,884) | (4,318,422) | ||||
Unrealized (loss) gain on investments | (23,484) | (57,775) | (79,743) | 107,041 | ||||
Realized (loss) on investments | - | - | - | 269,149 | ||||
Foreign exchange (loss) gain | 768 | (16,059) | (1,953) | (16,059) | ||||
Warrant expensed | - | - | 1,925,497 | - | ||||
Gain on revaluation of warrant liability | (634,780) | - | - | - | ||||
Loss before income taxes | (2,874,343) | (2,714,145) | (1,535,083) | (3,958,291) | ||||
Total loss for the period | $ | (2,874,343) | $ | (2,714,145) | $ | (1,535,083) | $ | (3,958,291) |
Other comprehensive income | ||||||||
Items that will not be reclassified subsequently to income | ||||||||
Revaluation of digital currencies, net of tax | (83,717) | 12,327 | (231,607) | (6,760) | ||||
Other comprehensive income for the period | (83,717) | 12,327 | (231,607) | (6,760) | ||||
Total loss and comprehensive loss for the period $ | (2,958,060) | $ | (2,701,818) | $ | (1,766,690) | $ | (3,965,051) | |
Basic and diluted net loss per share (note 18) | ||||||||
Basic and diluted net loss per share | $ | (0.05) | $ | (0.11) | $ | (0.03) | $ | (0.12) |
Weighted average number of common shares | ||||||||
outstanding | 61,389,616 | 24,438,783 | 52,233,700 | 33,836,819 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements
- 2 -
Bluesky Digital Assets Corp.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)
Unaudited
Six Months | Six Months | |||
Ended | Ended | |||
June 30, | June 30, | |||
2022 | 2021 | |||
Operating activities | $ | (1,535,083) | ||
Net loss for the period | $ | (3,958,291) | ||
Adjustments in non-cash operating items: | 1,082,928 | |||
Depreciation | 516,017 | |||
Digital currencies | 1,716,770 | (275,803) | ||
Common shares issued for services and compensation (note 14) | 400,000 | 115,750 | ||
Share-based payments | 337,189 | 4,258,659 | ||
Gain on revaluation of warrant liability | (1,925,497) | - | ||
Unrealised investment (gain) / loss | 79,743 | (107,041) | ||
Realised investment gain | - | (269,149) | ||
Loss (gain) on sale of digital currencies | 437,868 | (117,066) | ||
Accretion | 6,558 | 3,711 | ||
Unrealised foreign exchange (gain) | 1,362 | 16,505 | ||
Changes in working capital items and digital currencies: | 120,323 | |||
Accounts and other receivables | (19,710) | |||
Prepaid expenses | (603,480) | (46,200) | ||
Accounts payable and accrued liabilities | 535,620 | (31,581) | ||
Net cash provided by operating activities | 654,301 | 85,801 | ||
Investing activities | - | |||
Proceeds from sale of investments | 319,149 | |||
Purchase of equipments | (3,091,436) | (2,920,584) | ||
Net cash used in investing activity | (3,091,436) | (2,601,435) | ||
Financing activities | ||||
Proceeds from issuance of common shares (net of issuance cost paid | 2,201,450 | |||
of $107,300 for 2022 and $61,660 for 2021) | 2,136,340 | |||
Lease payments paid | (37,943) | (35,651) | ||
Stock options and warrants exercised | - | 1,126,620 | ||
Proceeds / (repayments) of loans payable | - | (52,955) | ||
Net cash provided by financing activities | 2,163,507 | 3,174,354 | ||
Net change in cash | (273,628) | 658,720 | ||
Cash, beginning of period | 854,233 | 1,075,495 | ||
Exchange differences on cash | (1,952) | - | ||
Cash, end of period | $ | 578,653 | $ | 1,734,215 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
- 3 -
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Bluesky Digital Assets Corp. published this content on 29 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 03:53:15 UTC.
